Cost of solar power expected to drop further

Utility-scale solar power prices may decline 60% over the next decade thanks to improved technologies, and efficiencies, providing underlying support, said the head of the International Renewable Energy Agency (IRENA).

“Battery storage is expected to decline 60-70% within a decade,” said Adnan Amin, IRENA’s Director-General.

Plunging battery storage costs will come into play helping accelerate the transition to a clean energy economy, as storage provides support to renewables during intermittent periods.

IRENA also anticipates that between 80GW-90GW of new solar capacity will be added yearly which can light 8 billion LED light bulbs over the next 5-6 years.